Inside Lending Newsletter From Kristen Zorda, Millennials Making an Impact
QUOTE OF THE WEEK… “Everything that is done in the world is done by hope.”–Martin Luther, German theologian
INFO THAT HITS US WHERE WE LIVE… Some new signs of hope for the housing market… Fannie Mae’s latest National Housing Survey reports the number of employed consumers concerned about losing their job dropped to an all-time low in June, pushing more potential buyers into the housing market. Meanwhile, a National Association of Realtors survey of members shows they generally expect home prices to increase over the next 12 months, but at a slower rate, with the median price up 4%. And the Mortgage Bankers Association reported purchase mortgage demand for the week ending July 4 up a seasonally adjusted 4% from the week before.
The latest “State of the Nation’s Housing” report from Harvard University’s Joint Center for Housing Studies sowed more seeds of hope. It stated that household formation should rebound to historical levels in the decade ahead. Demographic forces could create 1.1 million to 1.3 million new households per year from 2015 to 2025, a nice boost from the 600,000 to 800,000 per year rate we saw from 2007 to 2013. The study also predicts 2.7 million more households with people in their 30’s during the next 10 years. This means Millennials could soon be making an impact on the owner-occupied market, just as they did in rentals.
BUSINESS TIP OF THE WEEK… Is your goal to make a profit or to make a difference? The best businesses do both, recognizing that the surest way to make a profit is to make a difference in their customers’ lives.
Orson B.Klender, Associate Broker
Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866
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